To provide for the collection and sharing of information, including tax return information, for purposes of criminal investigations with respect to loans under the Paycheck Protection Program.

1/10/2025, 9:20 AM

Summary of Bill HR 324

Bill 119 HR 324, also known as the "Paycheck Protection Program Integrity Act," aims to enhance the ability of law enforcement agencies to investigate potential criminal activity related to loans issued under the Paycheck Protection Program (PPP). The PPP was established in response to the COVID-19 pandemic to provide financial assistance to small businesses struggling to stay afloat.

This bill specifically focuses on the collection and sharing of information, including tax return information, to aid in criminal investigations related to PPP loans. By allowing for the sharing of this sensitive information, law enforcement agencies will have greater access to the necessary resources to identify and prosecute individuals or businesses that may have fraudulently obtained funds through the PPP.

The bill emphasizes the importance of maintaining the integrity of the PPP and ensuring that funds are distributed fairly and in accordance with the program's guidelines. By cracking down on potential fraud and abuse, the government aims to protect taxpayer dollars and ensure that the PPP continues to serve its intended purpose of supporting small businesses during these challenging times. Overall, Bill 119 HR 324 seeks to strengthen the enforcement mechanisms surrounding the PPP and hold accountable those who seek to exploit the program for personal gain. It underscores the government's commitment to upholding transparency and accountability in the distribution of financial assistance to small businesses across the country.

Congressional Summary of HR 324

PPP Shell Company Discovery Act

This bill requires the Internal Revenue Service (IRS) to compile a list of Paycheck Protection Program (PPP) loan recipients whose loans were forgiven under the program.

Additionally, the IRS must compile (1) a list of such loan recipients who did not withhold payroll taxes in 2019, and (2) a list of loan such recipients for which the aggregate amount of PPP loans exceeded four times the greatest amount of wages paid by the recipient during a calendar month in 2019.

The IRS must notify the Department of Justice when the lists are complete.

Current Status of Bill HR 324

Bill HR 324 is currently in the status of Bill Introduced since January 9, 2025. Bill HR 324 was introduced during Congress 119 and was introduced to the House on January 9, 2025. Bill HR 324's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 9, 2025

Bipartisan Support of Bill HR 324

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 324

Primary Policy Focus

Alternate Title(s) of Bill HR 324

To provide for the collection and sharing of information, including tax return information, for purposes of criminal investigations with respect to loans under the Paycheck Protection Program.

Comments

Salma Ross

448

10 months ago

This bill is a total invasion of privacy! How can they just collect and share our tax return information like that? It's outrageous! What are the short term affects of this bill on our personal freedoms and rights?